One of the most attractive benefits of a reverse mortgage is there are no income or medical requirements to meet in order to qualify.  Because you end up receiving money instead of paying monthly payments, income plays no part in your eligibility for a reverse mortgage. 

Single family residences are most commonly eligible for reverse mortgages, although some programs do accept other types of property, such as manufactured houses and condominiums.  The only exception would be mobile homes and co-ops, which generally do not qualify for reverse mortgages.

Pre-Mortgage Counseling
In order to ensure that homeowners are fully aware of the financial ramifications of obtaining a reverse mortgage, you must undergo counseling with an unbiased third party before completing a loan.  HUD and AARP oversee a network of counselors who can provide this service, and it should be offered for a nominal fee or at no charge.

Kaye Financial specializes in developing loan programs for mature borrowers.  Our staff is dedicated to helping you obtain the reverse mortgage plan that will be most valuable for your golden years.  Give us a call now to get started. 

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